The National,Friday March 18th, 2016
THE registrar of companies Alex Tongayu says the Investment Promotion Authority will register personal properties as security following the launching of an online registry of personal properties.
But it is awaiting Government approval to get things moving.
Tongayu, also the acting chairman of the PNG Securities Commission, told The National that the IPA was willing to register personal properties as securities.
But he is waiting for the Asian Development Bank and the Department of Treasury to make it happen by pushing for Government’s final approval.
Treasurer Patrick Pruaitch, while launching the enabler or the overarching Personal Property Security Act 2015 earlier this year, said the law would make business easy for Papua New Guineas and boost small to medium enterprises.
Three commercial banks in the country said it would now be easy for the banks to know what properties were registered, mortgaged or put as collateral for loan purposes.
Tongayu said: “It (on-line registration of personal properties) basically is a system.
“It does not need hard work to get it running.
“It is already set up to monitor whatever is coming in. It took us a year at the IPA to educate the banks and other financial institutions.”